NEWS

Cimarex Energy Co.

1700 Lincoln Street, Suite 1800

Denver, CO 80203

Phone: (303) 295-3995

Cimarex Reports Third-Quarter 2009 Financial Results

DENVER, November 3, 2009 - Cimarex Energy Co. (NYSE: XEC) today reported third-quarter 2009 net income of $38.7 million, or $0.46 per diluted share. Reducing third-quarter earnings are mark-to-market losses on derivatives of $17.5 million ($10.3 million after tax) and impairment of well equipment and supplies of $5.4 million ($3.2 million after tax).

A year ago, Cimarex had a third-quarter loss of $232.4 million, or $2.85 per share. Third-quarter 2008 results included a $657.1 million ($417.4 million after-tax) full-cost ceiling test write-down.

Revenues from oil and gas sales in the third quarter of 2009 were $238.3 million, a 57% decrease compared to $552.4 million in the same period of 2008. Third-quarter 2009 cash flow from operations totaled $181.7 million versus $413.8 million in the same period of 2008(1).

The decrease in third-quarter 2009 revenues and cash flow is primarily a result of lower oil and gas prices. Third-quarter 2009 gas prices decreased 61% to $3.80 per thousand cubic feet (Mcf) and oil fell 45% to $63.49 per barrel from the same period of 2008.

Third-quarter 2009 oil and gas production averaged 441.5 million cubic feet equivalent per day (MMcfe/d), comprised of 306.8 million cubic feet of gas and 22,439 barrels of oil. Reflecting our planned reduction in drilling, daily production decreased 9% from a year-earlier. Cimarex’s third-quarter 2009 operated rig count averaged nine versus 43 in the comparable period of 2008.

For the first nine months of 2009, Cimarex had a net loss of $416.6 million, or $5.10 per share, as compared to net income of $146.1 million, or $1.71 per share, for the comparable period of 2008. The net loss for 2009 includes a first-quarter full-cost ceiling test write-down of $791.1 million ($501.8 million after-tax).

Capital

Third-quarter 2009 exploration and development (E&D) capital totaled $126.2 million, down from $418.9 million in the third quarter of 2008. In the third quarter of 2009, Cimarex drilled 29 gross (21 net) wells, completing 93% as producers.

For the first nine months of 2009, E&D capital expenditures were $366.9 million versus $1,085.8 million during the comparable period of 2008. During 2009 we have drilled 76% fewer wells as compared to 2008. We expect 2009 capital expenditures will range from $500-$550 million.

Other

Cimarex has oil and natural gas hedge contracts for October 2009 through December 2010. Calendar 2010 hedges cover on average 11,000 barrels of oil per day and 160,000 MMBtu of gas per day, representing slightly less than half of expected production. The following tables summarize the current commodity hedge position:

Natural Gas Contracts

					Weighted Average Price
Period	Type	Volume (2)		Index(3)	Floor		Ceiling		Swap
Oct 09 - Dec 09	Collar		143,370	PEPL	$	3.00	$	5.00	$	-

Jan 10 - Dec 10	Collar		100,000	PEPL	$	5.00	$	6.62	$	-
Jan 10 - Dec 10	Swap		40,000	PEPL	$	-	$	-	$	5.18
Jan 10 - Dec 10	Collar		20,000	HSC	$	5.00	$	6.85	$	-
			160,000

Oil Contracts

					Weighted Average Price
Period	Type	Volume (2)		Index(3)	Floor			Ceiling			Put
Jan 10 – Dec 10	Collar		10,000	WTI		$	60.03		$	92.07		$	-
Jan 10 – Dec 10	Floor/Put		1,000	WTI		$	-		$	-		$	60.00
			11,000

Cimarex accounts for these commodity contracts using the mark-to-market accounting method.

Total long-term debt at the end of the third quarter was $523.8 million. As of September 30, 2009, our debt to total capitalization ratio was 21% (4).

As previously announced, Cimarex’s bank group reaffirmed the Company’s $1.0 billion borrowing base related to its credit facility maturing in April 2012. Bank group commitments of $800 million also remain unchanged. As of September 30, 2009, Cimarex had bank borrowings outstanding of $156 million, which is $183 million less than the second-quarter balance of $339 million. The reduction in borrowings was funded from non-core property sales, tax refunds, lower capital spending relative to cash flow and a net positive working capital change.

Immediately after quarter-end, Cimarex completed the sale of its interest in a Texas secondary recovery oil field for $81 million, which further reduced bank borrowings to $115 million. Year-to-date asset sales total approximately $117 million, with associated proved reserves of 28 billion cubic feet equivalent and 8 MMcfe/d of production.

Outlook

Based on current drilling and completion activity and including the impact of property sales, fourth-quarter 2009 production is projected to range between 440-455 MMcfe/d, resulting in full-year 2009 volumes of 455-460 Mcfe/d. Fourth-quarter projections have been reduced by approximately 8 MMcfe/d for properties sold, including the $81 million sale of the Texas secondary recovery oil field closed the first week of October.

Expenses for the fourth quarter of 2009 are expected to fall within the following ranges:

Expenses ($/Mcfe):
	Production expense	$1.10 - $1.20
	Transportation expense	0.19 - 0.24
	DD&A and ARO accretion	1.40 - 1.70
	General and administrative expense	0.24 - 0.30
	Taxes other than income (% of oil and gas revenue)	7.5% - 8.5%

Conference call and web cast

Cimarex will also host a conference call today at 11:00 a.m. Mountain Time (1:00 p.m. Eastern Time). To access the live, interactive call, please dial (800) 921-0061 and reference call ID # 36165491 ten minutes before the scheduled start time. A digital replay will be available for one week following the live broadcast at (800) 642-1687 and by using the conference ID # 36165491. The listen-only web cast of the call will be accessible via www.cimarex.com.

(1)	Cash flow from operations is a non-GAAP financial measure. See below for a reconciliation of the related amounts.

(2)	Gas volume in MMBtu per day and oil volume in barrels per day.

(3)	PEPL refers to Panhandle Eastern Pipe Line, Tex/Ok Mid-Continent index and HSC stands for Houston Ship Channel Gulf Coast index both as quoted in Platt’s Inside FERC. WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.

(4)	Reconciliation of debt to total capitalization, which is a non-GAAP measure, is: long-term debt of $523.8 million divided by long-term debt of $523.8 million plus stockholders’ equity of $1,933.2 million.

About Cimarex Energy

Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent, Permian Basin and Gulf Coast areas of the U.S.

This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.

FOR FURTHER INFORMATION CONTACT

Cimarex Energy Co.

Mark Burford, Director of Capital Markets

303-295-3995

www.cimarex.com

RECONCILIATION OF CASH FLOW FROM OPERATIONS

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2009			2008			2009		2008
	(in thousands)						(in thousands)
Net cash provided by operating activities	$	271,300		$	443,157		$	465,646	$	1,140,709
Change in operating assets and liabilities		(89,620	)		(29,315	)		6,788		43,705

Cash flow from operations	$	181,680		$	413,842		$	472,434	$	1,184,414

Management believes that the non-GAAP measure of cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the company's ability to fund its capital program. It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

PRICE AND PRODUCTION DATA

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Total gas production - Mcf		28,229,461		32,135,957		87,604,619		95,217,617
Gas volume - Mcf per day		306,842		349,304		320,896		347,510
Gas price - per Mcf	$	3.80	$	9.76	$	3.70	$	9.58

Total oil production - barrels		2,064,400		2,079,835		6,388,336		6,195,523
Oil volume - barrels per day		22,439		22,607		23,400		22,611
Oil price - per barrel	$	63.49	$	114.87	$	50.80	$	110.26

OIL AND GAS CAPITALIZED EXPENDITURES

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2009			2008		2009			2008
	(in thousands)					(in thousands)
Acquisitions:
Proved	$	350		$	120	$	474		$	1,489
Unproved*		(10,315	)		—		(10,315	)		—
		(9,965	)		120		(9,841	)		1,489
Exploration and development:
Land and Seismic		7,036			52,485		34,072			109,611
Exploration and development		119,144			366,456		332,844			976,183
		126,180			418,941		366,916			1,085,794
Sale proceeds:
Proved		(9,877	)		—		(25,271	)		—
Unproved		—			—		(3,034	)		—
		(9,877	)		—		(28,305	)		—

	$	106,338		$	419,061	$	328,770		$	1,087,283

* The negative balance reflects purchase price adjustments related to an acreage acquisition in the fourth quarter of 2008.

CONDENSED STATEMENTS OF OPERATIONS (unaudited)

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2009			2008 (1)			2009			2008 (1)
				(In thousands, except per share data)

Revenues:
Gas sales	$	107,275		$	313,523		$	324,438		$	912,443
Oil sales		131,073			238,918			324,507			683,109
Gas gathering, processing and other		10,732			24,163			31,165			73,734
Gas marketing, net		54			654			888			2,225
		249,134			577,258			680,998			1,671,511
Costs and expenses:
Impairment of oil and gas properties		—			657,146			791,137			657,146
Depreciation, depletion, amortization and accretion		63,264			149,410			214,456			411,623
Production		42,682			55,362			139,127			156,506
Transportation		8,760			10,621			25,233			29,551
Gas gathering and processing		4,830			12,591			14,347			35,787
Taxes other than income		19,728			39,097			50,525			109,453
General and administrative		12,522			12,377			29,803			37,837
Stock compensation, net		2,477			2,791			6,831			7,432
Loss on derivative instruments, net		17,357			—			17,613			—
Other operating, net		2,911			11,871			19,094			12,992
		174,531			951,266			1,308,166			1,458,327

Operating income (loss)		74,603			(374,008	)		(627,168	)		213,184

Other (income) and expense:
Interest expense		8,862			7,789			26,554			23,943
Amortization of deferred financing costs		1,761			277			3,590			842
Capitalized interest		(5,295	)		(5,671	)		(16,230	)		(14,930	)
Other, net		3,737			(8,086	)		11,627			(16,610	)

Income (loss) before income tax		65,538			(368,317	)		(652,709	)		219,939
Income tax expense (benefit)		26,833			(135,894	)		(236,121	)		73,811

Net income (loss)	$	38,705		$	(232,423	)	$	(416,588	)	$	146,128

Earnings (loss) per share to common stockholders (2):
Basic	$	0.46		$	(2.85	)	$	(5.10	)	$	1.74
Diluted	$	0.46		$	(2.85	)	$	(5.10	)	$	1.71

Dividends per share	$	0.06		$	0.06		$	0.18		$	0.18

Shares attributable to common stockholders:
Common shares outstanding		81,792			81,576			81,792			81,576
Diluted common shares outstanding		82,177			81,576			81,792			83,275

(1)

Effective January 1, 2009, we adopted a new rule promulgated by the Financial Accounting Standards Board (FASB) pertaining to the accounting treatment for convertible debt instruments that may be settled in cash upon conversion. The requirements are to be applied retrospectively to previously issued convertible instruments. These changes resulted in additional non-cash interest expense of approximately $0.46 million and $1.4 million applied retrospectively to the third quarter of 2008 and first nine months of 2008, respectively. In addition, long-term debt at December 31, 2008 was decreased by $3.6 million, deferred income tax liability increased by $1.3 million and stockholder's equity increased by $2.3 million.

(2)

Effective January 1, 2009, we adopted a new rule promulgated by the FASB which defines when certain share based payment awards are to be treated as participating securities in the calculation of earnings per share. The rule requires qualifying awards to be included in computing earnings per share using the two-class earnings allocation method and is to be applied retrospectively to prior periods. Under the two-class earnings allocation method, earnings available to common stockholders do not include earnings attributable to unvested restricted stock and stock units, which are considered participating securities. Shares attributed to common stockholders do not include outstanding restricted stock. Neither potential common shares nor participating securities are included in the diluted computations when a loss from continuing operations exists. For complete details of the earnings per share calculation, please refer to our quarterly financial statements, filed with the SEC on Form 10-Q and posted on our website.

CONDENSED CASH FLOW STATEMENTS (unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2009			2008 (1)			2009			2008 (1)
	(In thousands)						(In thousands)
Cash flows from operating activities:
Net income (loss)	$	38,705		$	(232,423	)	$	(416,588	)	$	146,128
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Impairments		2,910			657,146			804,815			657,146
Depreciation, depletion, amortization and accretion		63,264			149,410			214,456			411,623
Deferred income taxes		13,528			(162,962	)		(220,592	)		(38,840	)
Stock compensation, net		2,477			2,791			6,831			7,432
Derivative instruments, net		17,532			—			21,157			—
Changes in non-current assets and liabilities		42,794			(333	)		48,673			(94	)
Amortization of deferred financing costs and other, net		470			213			13,682			1,019
Changes in operating assets and liabilities:
(Increase) decrease in receivables, net		7,738			82,375			84,044			(20,762	)
(Increase) decrease in other current assets		43,404			(13,622	)		17,404			(59,669	)
Increase (decrease) in accounts payable and accrued liabilities		38,478			(39,438	)		(108,236	)		36,726
Net cash provided by operating activities		271,300			443,157			465,646			1,140,709
Cash flows from investing activities:
Oil and gas expenditures		(97,366	)		(385,651	)		(390,108	)		(1,026,719	)
Sales of oil and gas and other assets		19,993			79			38,556			434
Sales of short-term investments		2,098			2,227			3,328			9,288
Other expenditures		(10,404	)		(22,167	)		(21,131	)		(43,253	)
Net cash used by investing activities		(85,679	)		(405,512	)		(369,355	)		(1,060,250	)
Cash flows from financing activities:
Net increase (decrease) in bank debt		(183,000	)		—			(64,000	)		—
Financing costs incurred		(34	)		—			(17,995	)		(50	)
Dividends paid		(5,047	)		(5,033	)		(15,123	)		(15,007	)
Issuance of common stock and other		2,462			(30	)		2,576			12,931
Net cash used in financing activities		(185,619	)		(5,063	)		(94,542	)		(2,126	)
Net change in cash and cash equivalents		2			32,582			1,749			78,333
Cash and cash equivalents at beginning of period		2,960			168,801			1,213			123,050
Cash and cash equivalents at end of period	$	2,962		$	201,383		$	2,962		$	201,383

(1)

Effective January 1, 2009, we adopted a new rule promulgated by the Financial Accounting Standards Board pertaining to the accounting treatment for convertible debt instruments that may be settled in cash upon conversion. The requirements are to be applied retrospectively to previously issued convertible instruments. These changes resulted in additional non-cash interest expense of approximately $0.46 million and $1.4 million applied retrospectively to the third quarter of 2008 and first nine months of 2008, respectively. In addition, long-term debt at December 31, 2008 was decreased by $3.6 million, deferred income tax liability increased by $1.3 million and stockholder's equity increased by $2.3 million.

BALANCE SHEETS (unaudited)

	September 30,			December 31,
	2009			2008 (1)
	(In thousands, except share data)
Assets
Current assets:
Cash and cash equivalents	$	2,962		$	1,213
Restricted cash		593			502
Short-term investments		—			2,502
Receivables, net		173,914			259,082
Oil and gas well equipment and supplies		166,021			186,062
Deferred income taxes		8,566			2,435
Derivative instruments		3,150			—
Other current assets		26,303			63,148
Total current assets		381,509			514,944
Oil and gas properties at cost, using the full cost method of accounting:
Proved properties		7,476,167			7,052,464
Unproved properties and properties under development, not being amortized		385,321			465,638
		7,861,488			7,518,102
Less – accumulated depreciation, depletion and amortization		(5,696,671	)		(4,709,597	)
Net oil and gas properties		2,164,817			2,808,505
Fixed assets, net		122,984			119,616
Goodwill		691,432			691,432
Other assets, net		35,420			30,436
	$	3,396,162		$	4,164,933
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	19,646		$	101,157
Accrued liabilities		202,544			263,994
Derivative instruments		12,645			—
Revenue payable		90,027			104,438
Total current liabilities		324,862			469,589
Long-term debt		523,753			587,630
Deferred income taxes		327,653			500,945
Other liabilities		286,711			255,122
Stockholders’ equity:
Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued		—			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,511,991 and 84,144,024 shares issued, respectively		835			841
Treasury stock, at cost, zero and 885,392 shares held, respectively		—			(33,344	)
Paid-in capital		1,853,876			1,874,834
Retained earnings		78,546			510,271
Accumulated other comprehensive loss		(74	)		(955	)
		1,933,183			2,351,647
	$	3,396,162		$	4,164,933

(1)